HomeVestors of America, the company famous for its “We Buy Ugly Houses” billboards, will launch a Real Estate-Owned (REO) program July 1, to buy “ugly notes” from banks and financial institutions nationwide.

HomeVestors plans to purchase performing notes, non-performing notes, and REOs on single-family homes that will expand the company’s inventory to HomeVestors’ franchisees. The company plans to upgrade most of the homes and their respective communities.

The company also will launch a Web site to support the program and offer more information.

“We are giving an outlet to the investment community to sell us a product that no longer fits their portfolio,” HomeVestors VP of Finance Mike Stoner said. “We will hold performing loans for our portfolio, as well as loans that can be reworked. Then we will distribute REO properties to our franchisees.”

Dallas-based HomeVestors has more than 200 franchisees in the U.S. The company specializes in buying homes in need of repair.

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